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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 17 FEBRUARY 2020

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Crude Tests Rs 3700 Per Barrel On MCX.

WTI Crude oil stayed well supported as a recovery from 13 month lows extended. WTI Oil surged above $52 per barrel while MCX Crude oil also broke above Rs 3700 per barrel. Oil rallied on the possibility of deeper supply cuts from the Organization of the Petroleum Exporting Countries (OPEC). OPEC noted in a latest monthly update that in 2019, world oil demand growth is revised down by 0.02 mb/d, from last month’s assessment; amid weaker-than-expected oil demand growth data from OECD America in most parts of the year. Now, world oil demand is estimated to have grown by 0.91 mb/d and average 99.74 mb/d in 2019. Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020, with OECD oil demand growing by 0.01 mb/d in 2020, while non-OECD oil demand is growing by 0.98 mb/d. The outbreak of the Coronavirus in China during 1H20 is the major factor behind this downward revision.

MCX Futures Test Rs 41000 Level.

Gold edged up amid good bargain buying last week as traders continued to focus on the Coronavirus scare. World Gold Council (WGC) stated in a latest update that Gold benefits from diverse sources of demand: as an investment, a reserve asset, a luxury good and a technology component. Gold can enhance a portfolio in four key ways, according to WGC. These include generating long-term returns, acting as a diversifier and mitigate losses in times of market stress, providing liquidity with no credit risk and improving overall portfolio performance. COMEX Gold futures hit a two week high of $1588 per ounce. WGC analysis illustrated that adding between 2% and 10% in gold to a hypothetical US pension fund average portfolio over the past decade would have resulted in higher risk-adjusted returns. MCX Gold futures also saw good buying support and tested Rs 41000 per 10 grams though worries over retail demand remained in place.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 41100
RESIST 1: 41000
SUP 1: 40700
SUP 2: 40600

CS SILVER (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 46600
RESIST 1: 46400
SUP 1: 46000
SUP 2: 45800

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 439
RESIST 1: 437
SUP 1: 435
SUP 2: 433

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1: 965
SUP 1: 940
SUP 2: 935

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 3800
RESIST 1: 3780
SUP 1: 3680
SUP 2: 3650

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 140
RESIST 1: 139
SUP 1: 130
SUP 2: 127


MCX CRUDE OIL FEB on FRIDAY as seen in the Daily chart opened at 3685 levels and made day high of 3744 levels. During this period this commodity made low is 3667 levels and finally closed at 3707 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (1009)

DAILY RECOMMENDATION: BUY CRUDE OIL FEB ABOVE 3700 LEVELS FOR TARGET OF 3730/3750 WITH SL 3630 OF LEVELS.

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